Lodha Developers looking to raise up to Rs 6,409 crore via IPO: Reports

Lodha Developers is looking to raise up to Rs 6,409 through an initial public offering that is likely to be launched next year, two people with knowledge of the plan told IFR, a Thomson Reuters publication. The domestic benchmark indices have surged almost 30 per cent this year, bolstered by strong foreign inflows, spurring companies to raise a record of more than $11 billion through IPOs so far this year. The company had planned an IPO of Rs 2,800 crore ($437 million) in 2010, but it was shelved due to a weak stock market. The real estate developer has hired Citic CLSA, Kotak and Morgan Stanley for the IPO, the people said, adding that more banks were likely to join the syndicate, IFR said.